Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,494/mo
+$372/mo- Down payment
- $7,242
- Funds due
- $18,990
- Interest + MI left
- $578,898
- First ends
- Jun 2054
New loan
New conventional
$3,122/mo
Lowest payment- Down payment
- $43,990
- Funds due
- $53,474
- Interest + MI left
- $578,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $432,658 | $395,910 |
| Second mortgage | — | — |
| First P&I | $2,929.42 | $2,682.03 |
| Second P&I | — | — |
| Mortgage insurance | $203.86 | $79.18 |
| Taxes, insurance & HOA | $361.00 | $361.00 |
| Total housing payment | $3,494.28 | $3,122.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,242
Closing costs & prepaids$11,748
Usable credit−$0
Total buyer cash needed$18,990
Earnest money paid−$0
Remaining funds due$18,990
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Initial HOA (3 months)$105.00
Prepaid interest, first (6 days)$490.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing27 yr 6 moOf the original 30-year loan at 6.9%
Interest already paid$75,745Through Dec 2026
Assumption only · ends Jun 2054$578,898
New conventional · ends Jan 2057$578,886